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6 Cards in this Set
- Front
- Back
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compensating differential
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a difference in wages that arises to offset the nonmonetary characteristics of different jobs.
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human capital
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the accumulation of investments in people, such as education and on-the-job training.
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union
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a worker association that bargains with employers over wages and working conditions.
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strike
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the organized withdrawal of labour from a firm by a union.
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efficiency wages
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above-equilibrium wages paid by firms in order to increase worker productivity.
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discrimination
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the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics.
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